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NORTEL NETWORKS CORPORATION
Consolidated Statements of Cash Flows for the years ended December 31
* See note 3
The accompanying notes are an integral part of these consolidated financial statements
F-5
(millions of U.S. dollars) 2003 2002 2001
As restated * As restated *
Cash flows from (used in) operating activities
Net earnings (loss) from continuing operations $ 262 $ (2,893) $ (23,270)
Adjustments to reconcile net earnings (loss) from continuing operations to net cash from (used in) operating activities, net
of effects from acquisitions and divestitures of businesses:
Amortization and de
p
reciation 541 701 5,665
In-process research and development expense
–
– 15
Non-cash portion of special charges and related asset write downs 87 1,142 12,760
Equity in net loss of associated companies 36 17 150
Current and deferred stock option compensation 42 110 248
Deferred income taxes (50) (425) (1,513)
Other liabilities 161 (2) (9)
(Gain) loss on repurchases of outstanding debt securities (4) (60) –
(Gain) loss on sale or write down of investments and businesses (51) 18 506
Other — net (786) (191) (1,529)
Change in operating assets and liabilities (153) 815 7,183
Net cash from (used in) operating activities of continuing operations 85 (768) 206
Cash flows from (used in) investing activities
Expenditures for plant and equipment (172) (352) (1,302)
Proceeds on disposals of plant and equipment 38 406 208
Ac
q
uisitions of investments and businesses
—
net of cash ac
q
uired (58) (29) (79)
Proceeds on sale of investments and businesses 107 104 604
Net cash from (used in) investing activities of continuing operations (85) 129 (569)
Cash flows from (used in) financin
g
activities
Dividends on common shares
–
– (123)
Dividends paid by subsidiaries to minority interests (35) (26) (27)
Increase (decrease) in notes payable — net (45) (333) (230)
Proceeds from long-term debt
–
33 3,286
Repayments of long-term debt (270) (611) (470)
Repayments of capital leases payable (12) (17) (26)
Issuance of common shares 3 863 146
Issuance of prepaid forward purchase contracts
–
623 –
Net cash from (used in) financing activities of continuing operations (359) 532 2,556
Effect of foreign exchange rate changes on cash and cash equivalents 176 74 (10)
Net cash from (used in) continuing operations (183) (33) 2,183
Net cash from (used in) discontinued operations 390 349 (331)
Net increase (decrease) in cash and cash equivalents 207 316 1,852
Cash and cash equivalents at beginning of year 3,790 3,474 1,622
Cash and cash equivalents at end of year $ 3,997 $ 3,790 $ 3,474